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RESOLUTION 86- 1 <br />A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS APPROVING A <br />REQUESTED EXTENSION OF CONTRACT TIME AND SECURITY FOR REQUIRED <br />IMPROVEMENTS IN THE SHORELANDS SUBDIVISION. <br />WHEREAS, the Board of County Commissioners (County) entered <br />into an extension of the Contract for Required Improvements with <br />Shoreland Development, Inc. (Developer), in conjunction with the <br />approval of the final plat for Shorelands Subdivision; and <br />WHEREAS, Barnett Bank of Indian River County (Bank) has <br />issued a Letter of Credit to secure said extended contract; and <br />WHEREAS, the Developer has requested a re -extension of time <br />to complete the remaining dune crossover structure, together with <br />a substitution of a new Letter of Credit to secure the contract <br />for the work to be completed; and <br />WHEREAS, the Board finds that good cause exists for the <br />re -extension of time, and that the new security will adequately <br />protect the interests of the County. <br />NOW, TIiEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA that: <br />1. The amended Contract for Required Improvements No. <br />SD -83-09-018, attached hereto, is further amended to extend the <br />completion date stated therein until April 24, 1986; and <br />2. The Board hereby releases the Bank's Irrevocable Letter <br />of Credit No. 146, in the amount of $8,625.00, (EIGHT THOUSAND <br />SIX HUNDRED TWENTY-FIVE AND NO/100), contingent upon the receipt <br />and acceptance of a new Letter of Credit No. 151 in an amount of <br />$8,625.00 (EIGHT THOUSAND SIX HUNDRED TWENTY-FIVE AND NO/100), <br />expiring July 24, 1986. <br />The above extension and substitution of surety is hereby <br />approved and agreed to by the Developer. <br />(CORVbRATE' SEAL) <br />SrRoge <br />AND DEVE PMENT, INC. <br />L44&�� <br />BY: <br />0. Wheelwright, President <br />The foregoing resolution was offered by Commissioner <br />Lyons , who moved its adoption. The motion was <br />seconded by Commissioner Bowman and upon being put to <br />a vote, the vote was as follows: <br />Chairman Don C. Scurlock, Jr. Aye <br />Vice Chairman Patrick B. Lyons Aye <br />Commissioner Richard N. Bird Aye <br />Commissioner Margaret C. Bowman Aye <br />Commissioner William C. Wodtke, Jr. Aye <br />